9th Mar 2026 20:39
Phoenix Copper Ltd - US-focused base and precious metals producer and explorer - Dismisses Executive Chair Marcus Edwards-Jones and Chief Financial Officer Richard Wilkins after concluding an investigation. This confirmed that certain historic payments, paid in respect of previous fundraising transactions, totalling around USD1.7 million were made between 2016 and 2025 to Lloyd Edwards-Jones SAS, the company's former corporate finance adviser and a company of which Edwards-Jones is an owner and director. The payments were made by Wilkins to Lloyd Edwards-Jones SAS without board knowledge or approval and Wilkins shared in the proceeds of these payments. Phoenix Copper says the payments constituted related party transactions pursuant to AIM Rule 13 and should have been previously disclosed. Phoenix says it is seeking to recoup the financial loss suffered as a result of the payments. Edwards-Jones and Wilkins have indicated their willingness to work with the company in this respect. In addition, the investigation uncovered unauthorised payments, totalling GBP610,000, some of which were made without board knowledge or approval to an intermediary in connection with bond financing, while certain other payments were made expressly against the direction of the board. Phoenix is seeking to recoup these unauthorised payments as well. Catherine Evans, independent non-executive director and chair of the audit committee, has been appointed interim non-executive chair with immediate effect.
Phoenix says it still considering a range of both short-term and longer-term funding options. Its working capital position remains constrained, but it has sufficient working capital to meet ongoing obligations until the end of the second quarter.
Current stock price: 1.09 pence
12-month change: down 80%
By Jeremy Cutler, Alliance News reporter
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